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Peter Klein: Four Considerations for the Delegation of Derived Judgment

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First published at 16:06 UTC on June 30th, 2020.

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For entrepreneurs, the future is not risky, it’s uncertain.

Risk is a calculable mathematical probability, like the result of 1000 tosses of a (fair) coin, or the likelihood of you being involved in a car accident in 40 years of driving on US inte…

For entrepreneurs, the future is not risky, it’s uncertain.

Risk is a calculable mathematical probability, like the result of 1000 tosses of a (fair) coin, or the likelihood of you being involved in a car accident in 40 years of driving on US interstate highways.

The outcomes of entrepreneurial decision making are not calculable. They can’t be computed. Yet entrepreneurs need to make decisions, without having all the facts in hand today, and without knowing the odds of the future results. That’s uncertainty.

Show notes: https://mises.org/library/peter-klein-four-considerations-delegation-derived-judgment

"Uncertainty and Entrepreneurship" (PDF): Mises.org/E4E_72_PDF

Read Peter Klein's paper (with Kirsten Foss and Nicolai J. Foss), "Original and Derived Judgment: An Entrepreneurial Theory of Economic Organization": Mises.org/E4E_72_Paper

'Organizing Entrepreneurial Judgment: A New Approach to the Firm' by Peter Klein and Nicolai Foss: Mises.org/E4E_72_Book

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